Judges Scientific (JDG) Trading Update summary

Trading performance and market environment

• 2024 saw a challenging trading environment with mixed performance across the group and no recognisable revenue from the Geotek coring expedition due to its cancellation.

• Significant reduction in orders from China and general weakness in order intake, with some customers delaying orders and deliveries.

Order intake and revenue

• Organic order intake, including a Geotek coring contract, rose 7% versus 2023; excluding this, organic order intake was up 2.2%.

• Organic order book at year-end grew to 18.7 weeks of sales (16.7 weeks in 2023); without coring, it would have been 16.9 weeks.

• Organic revenues declined 5.8% from 2023, or 0.7% excluding coring, with operational leverage amplifying the impact on profitability.

Cash conversion and outlook

• Cash conversion returned to historical pre-Covid levels, a key focus for the business.

• 2025 is starting more positively, with Geotek's coring expedition underway and deferred 2024 projects expected to contribute to H1 earnings.

• Adjusted earnings per share for 2024 are expected to be in line with current market expectations (276.8p).